The agency brought 1,541 disciplinary actions during the year, up from 1,488 last year, and referred nearly 700 cases of potential fraud to the
Notable muni-related cases last year included a
The firms falsely claimed the fees were underwriting expenses. They violated fair-dealing and supervisory rules of the Municipal Securities Rulemaking Board, FINRA said.
Also in 2012, FINRA ordered
As part of the settlement, the firm’s head David Lerner was barred from the industry for one year and ordered to pay
Lerner was one of 294 individuals barred from securities markets during the year by FINRA. The agency also barred 30 securities firms and suspended 549 brokers from association with FINRA-regulated firms.
“FINRA fulfilled its role as the first line of defense for investors through a comprehensive and aggressive enforcement program, supported by a realigned and more risk-based examination program,” FINRA chairman and Chief Executive Officer
FINRA’s “risk-based” program is intended to help the agency focus examination on firms that pose the greatest risk to markets and investors, FINRA associate director of member regulation
Friedlander told attendees that FINRA had flagged 60 of the highest-risk firms for annual examinations.
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